Market Report - Sep 2011
PALM BEACH COUNTY HOME SALES SURGE
AS PRICES AS PRICES FALL TO LOWEST POINT IN 10 YEARS
Sales of single family homes in Palm Beach Gardens and throughout Palm Beach County increased significantly in September as prices fell to the lowest point all year and, in fact, the lowest point in about 10 years.
There were 1076 single family homes sold in Palm Beach County during September, 2011, a 20 percent increase over sales of September 2010 and a nine percent increase over August 2011 sales, according to the Florida Association of Realtors.
It is apparent that the surge in sales is being fueled by the lowest prices of the year as well as the lowest prices in about 10 years.
The median price of a single family home in Palm Beach County fell to $180,300 in September 2011, about 20 percent lower than prices in September 2010 and almost nine percent lower than August 2011 prices. The median price reflects half the homes selling for more and half selling for less.
In March 2002 the median price of a single family home in Palm Beach County was $183,500.
The downward trend in housing prices began in 2006 as the housing bubble burst. Since that time, a large percentage of sales throughout the area have been bank foreclosures and short sales, distressed properties that continue to cause significant price declines. We find that as distressed properties are eliminated from communities, prices begin to stabilize and in some cases, start to increase. But most believe distressed properties will continue to flood the market for the next several years. The Weiss-Clawson Team researches housing market trends throughout communities in Palm Beach Gardens, West Palm Beach and Palm Beach County to provide the most up to date information to our clients. If you are interested in buying or selling a home in Palm Beach County, contact The Weiss-Clawson Team directly. We look forward to hearing from you and to working with you.
